The Australian Dollar continued to push higher against its US counterpart for a fourth consecutive day, taking out resistance at 0.9177 marked by the 38.2% Fibonacci expansion. The bulls are now testing the 50% level at 0.9233, with a break above that eyeing the 61.8% Fib at 0.9290. Alternatively, a reversal back below 0.9177 aims for the March 7 highat 0.9132.

Prices are too close to relevant resistance to justify a long position from a risk/reward perspective. On the other hand, entering a short trade looks premature absent a new bearish reversal signal. We will continue to stand aside for now, waiting for a more attractive setup to present itself.